Leave the Reserve Bank alone, ANC!
16 January 2020
The ANC’s internecine battle over the nationalisation of the South African Reserve Bank (SARB) is economically destructive, alienating to investors, and does nothing to solve South Africa’s current crises.
There should be no debate about the nationalisation of the Reserve Bank. The Democratic Alliance’s (DA) call to the ANC is to leave the Reserve Bank alone, and instead focus on any number of economic crises which are a direct result of bad government policy.
The proposal to nationalise the Reserve Bank is based on economic lunacy. It will bring no benefit, and only increased hardship, to South Africa. If President Ramaphosa has any desire to prove he actually leads his own government, he should end this discussion immediately by reinforcing the independence of the Reserve Bank. Instead, he is kneeling to populists in his party and allowing this debate to continue.
The Finance Minister, Tito Mboweni, is correct - the nationalisation of the Reserve Bank is a bad idea, and should never be pursued.